DOVER — The Cochecho Waterfront Development Advisory Committee will meet tonight to formally accept a withdrawal letter from Dickinson Development Corporation.

Earlier in the month and before the Aug. 8 deadline, Developer Mark Dickinson communicated to city officials that the Aug. 8 deadline for private investors would not be met.

City Manager Mike Joyal said the news was disappointing, but the search for private investors was also a known complication throughout the life of the project.

He also said this would not eliminate future prospects for the development of the waterfront area, but that it instead meant a fresh start.

“There’s new opportunity to be had,” he said.

The future of the development is now up to the waterfront committee and City Council. Those two boards will ultimately decide the next steps.

Dickinson previously entered into the agreement in 2008. Joyal said the world of finance has changed since then, but the up front costs of such a project remain unchanged.

He also said the deadline not being met was not due to lack of work being done on the part of Dickinson.

The waterfront was intended to be a mixed-use project, something which in 2012, Dickinson told the City Council, was not attractive to investors due to the economy.

More than 17 investors showed interest in the project because of the community and the people in the community, according to an article published in Foster’s Daily Democrat on Dec. 12, 2012. Dickinson said at that time one of the reasons they all backed out was because of the market, saying Dover is part of a secondary market, with Boston and its surrounding areas along Route 128 being a primary market.

It was then he first requested an extension. Under the Land Disposition Act, if Dickinson was unable to break ground within three years of Aug. 26, 2009, he would need to make the extension payments of $10,000 per month, for up to 24 months, to hold his spot as the project developer.

Last year, Dickinson wrote a letter to Joyal indicating a consideration to sell the Phase 1 residential portion of the project. Dickinson hired national real estate investment banking firm, NorthMarq, who created “an offering memorandum” which detailed an opportunity for investors to “acquire” Dover Landing — Phase I for an asking price of $3,940,000.

The CWDAC meeting will be at 5:30 p.m. at the McConnell Center in room 305.